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Personal Pension Plan
The Personal Pension Plan (PPP) is a flexible and inclusive retirement savings plan designed to help every Nigerian secure a steady income at retirement, regardless of profession, income level, or employment status.
Regulated by PenCom, the PPP streamlines your pension contributions by merging Personal Pension Plan and Additional Voluntary Contributions (AVCs) into one simplified solution. It also now includes an "Early Start" benefit, allowing parents to open accounts for children under 18—building a retirement nest egg that automatically transfers to them when they reach adulthood.
The PPP is Nigeria’s most accessible retirement solutions, built for everyone from artisans and traders to corporate professionals and business owners. With no fixed deposit requirements, you have the total freedom to contribute any amount, at any time. It’s a flexible, high-growth path to a guaranteed income, ensuring that no matter how you earn today, your future is secure.
benefits
Why Choose Our Personal Pension Plan?
1.
Stability
Provides a reliable source of income during retirement, ensuring a stable financial future.
2.
Flexibility
You can contribute small amounts, making it accessible to everyone, regardless of income level.
3.
Security
It helps individuals save for retirement, providing a safety net for old age and reducing dependence on family members.
4.
Convenience
Allows you choose your level of commitment, making it easier to incorporate into your financial planning.
Personal Pension Plan Guidelines
The Personal Pension Plan is part of the Contributory Pension Scheme (CPS) for self-employed individuals and employees of organizations with fewer than three workers. It allows participants to contribute toward their pension for retirement or in case of incapacitation.
This plan offers a secure income during retirement, helping to reduce poverty among the elderly. It is simple, flexible, and open to all associations, unions, cooperatives, trades, and professionals. Participation is voluntary and funded entirely by the contributor, who must be at least 18 years old with a legitimate source of income.
- NIN Slip/Card.
- Passport Photograph (with name on the back).
- Proof of Address.
- Birth Certificate or Declaration of Age.
- Business Registration Certificate or Association/Trade Union Membership (if applicable).
- BVN and a valid bank account
- Begin the sign-up process by downloading and completing an RSA account form, scan it and email it to us.
- Complete the form with your personal information, including your BVN, and ensure it matches the details on your BVN. Upload valid KYC documents, such as identification, proof of address, and a passport photograph, as part of the account verification
- Once you have submitted the form, you will receive an email with your user ID and default password. Use this information to log into your account and set up a strong, personal password
- After activation, you can start saving as little as ₦500, with the option to withdraw up to 40% of your savings for emergencies
- Regularly review your account for performance updates to ensure your investments remain in line with your financial objectives
- If you have any questions or face any challenges, don’t hesitate to contact CardinalStone’s customer support for help.
Every contribution received is split into two portions: The Contingent portion (40%) and the Retirement Benefit portion (60%). They can be accessed as stated below:
Contingent Withdrawal
The Contingent portion of the contribution can be accessed totally or partially, only after the initial remittance has stayed in the RSA for at least 3 months. Thereafter, subsequent withdrawals can be accessed once in a week. Contributors have the option of converting their contingent portion to retirement benefit portion totally or partially at the end of each year.
Retirement Benefit Withdrawal
Contributors upon retirement and having attained the mandatory age of 50 years can access their retirement benefits in line with the Regulation for Administration of Retirement and Terminal benefits. This is also applicable to contributors that retired on medical grounds.